Honestly, I love that movie, and not even in a 'so bad it's funny' kind of way. It definitely has its flaws, but to this day I still find it to be exciting and comedic. If anything, I kind of feel John Leguizamo (who played Luigi) shined a little more in it than Hoskins.
Then again, I never really understood the whole concept of 'so bad it's funny'. Me, I either like a movie, I don't, or I just don't care for it much.
One time, CE triggered me so hard with their objectively wrong opinions that I accidentally punched myself in the balls.